GlaxoSmithKline (GSK) has officially admitted that senior executives in China "appear to have...

|About: GlaxoSmithKline (GSK)|By:, SA News Editor

GlaxoSmithKline (GSK) has officially admitted that senior executives in China "appear to have acted outside of our processes and controls which breaches Chinese law." The company intends to reform its Chinese operations and lower drug prices in the country. Britain's Serious Fraud Office is reportedly conducting a preliminary review and could impose its own sanctions, as could the U.S. Justice Department. CEO Andrew Witty is set to provide details about GSK's response to the scandal when it presents its quarterly results on Wednesday.